It’s not surprising that $5 billion petrol station giant Viva Energy has regularly been mentioned in dispatches on Thursday’s $2.2 billion float of Mexican fast-food chain Guzman y Gomez. After all, the Guzman y Gomez float is the biggest since Viva hit the ASX boards in 2018 in a $2.65 billion deal.

But what’s less well known is that Viva is a more direct beneficiary of Guzman y Gomez’s success through an eight-year-old deal that it didn’t even do.